Use the binomial distribution

- [Instructor] So many business questions…can be answered yes or no, true or false.…For example, a customer either will or will not…sign up for your mailing list.…In this movie, I will show you how to calculate…the probabilities for outcomes described…by the binomial distribution,…which handles this type of yes or no case.…My sample file is the Binomial Distribution,…and you can find it in the Chapter Four folder…of your Exercise Files collection.…In this scenario, let's assume…that you are asking customers to sign up…for your mailing list.…

You're doing them 20 at a time,…and you've discovered over time…that you have about a 22% success rate.…So a 22% success, if you ask 20 people,…you should, on average, get about 4.4 signups.…To calculate a binomial probability,…you need to know four things,…and that is the Probability of Success,…that's in B1, that's 22%,…the Number of Trials,…or the number of times you attempt the task,…and that's in cell B2.…In this case, it's 20.…You need to know the number of potential successes,…

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Released

1/3/2019

Microsoft Excel is an important tool for data analysis. It helps companies accurately assess situations and make better business decisions. This course helps you unlock the power of your organization's data using the data analysis and visualization tools built into Excel. Author Curt Frye starts with the foundational concepts, including basic calculations such as mean, median, and standard deviation, and provides an introduction to the central limit theorem. He then shows how to visualize data, relationships, and future results with Excel's histograms, graphs, and charts. He also covers testing hypotheses, modeling different data distributions, and calculating the covariance and correlation between data sets. Finally, he reviews the process of calculating Bayesian probabilities in Excel. Each chapter includes practical examples that show how to apply the techniques to real-world business problems.